Knowing experts’ NFL picks against the spread would do you some good before you place your NFL bets. Therefore, we believe it would also do you some good to know how your cryptocurrency ownership can help get you into the property world.
Whether your purchase is for business or personal investment, you place yourself in a better position when you’re well aware of all the options you have based on proper insight and extensive research.
So, for your perfect guide on how cryptocurrency can buy you your next property, you can keep reading for more.
Crypto Real Estate
As more and more businesses and investors continue to capitalize on crypto advantages surrounding blockchain-based payments to make everyday payments, real estate is an industry that’s also hopping on board to explore full benefits as well.
Thanks to blockchain technology, the status quo of this industry are changing, and many adopters and traders that are well aware of this are creating wealth for themselves on real estate buys that then fuel an already existing market.
In addition to this, smart contracts are also powerful enough to allow for faster and more nimble transactions and transfers in the property.
Why You’d Consider Buying Real Estate Using Cryptocurrency
Many benefits come with buying a property using cryptocurrency as opposed to getting the support of a loan to buy the property or using cash. Key advantages to keep in mind include:
- The ability to diversify your investment portfolio will offer you stability.
- The ability to cash out for retirement once you’ve made a career for yourself investing in cryptocurrency.
- The ability to receive a discounted price for your payments that are done through crypto when sellers apply a bullish technique on the cryptocurrency value at the time.
- The ability to experience faster transactions thanks to smart contracts and blockchain technology for the industry since there’s no middleman to prolong the waiting time for processing.
While the above advantages may be convincing enough for you to want to buy your next property using cryptocurrency, there are also disadvantages worth noting like:
- There may be issues when it comes to dealing with sellers that may be unwilling to accept your form of payment.
- Your crypto value is subject to daily fluctuations taking place in the market, which could impact your buying power.
How To Buy Real Estate With Cryptocurrency
As a crypto owner that’s now ready to use your, for instance, Bitcoin or Ethereum to buy a property, you have several options to consider exploring.
Buying Directly From The Seller When Buying Crypto Real Estate
Should you wish to undergo the process of buying a property with crypto through a private seller, then the experience will vary from one seller to the next.
Some sellers may be comfortable with allowing for the transaction to be 100% crypto, while other sellers may opt to have the purchase split between crypto and cash.
Either way, you will need to facilitate a transaction that will need you to send the crypto from one wallet to the other.
For sellers that are not comfortable with receiving the cryptocurrency directly, you will have to go through the process of converting your crypto to the relevant fiat currency so you can complete the purchase.
With platforms like BitPay, you can easily facilitate crypto transactions involving real estate. In just a few simple steps, these platforms and resources can help you and the seller:
- Generate an invoice by the selling party
- Have the buyer pay from their crypto wallet of choice after receiving the invoice either manually or by scanning a QR code
- Transferring the money to the seller through direct deposit into the crypto wallet
Even if you happen to complete a property purchase using crypto, you will need to make some cash payments to intermediary parties and government agencies.
Leverage With Real Estate Partners That Accept Cryptocurrency
Apart from private sellers, several other real estate groups can provide you with the opportunity to buy a property with cryptocurrency like:
- Pacaso allows buyers to use their crypto so that they can co-own mountain chalets, beach houses, and city condos.
- Condos.com allows buyers to buy condos that you’d find in top cities